Dow Jones Industrial Average Ready to Rebound; Oil Continues Tear

The Dow Jones Industrial Average (DJIA) looks ready to bounce back from yesterday's drubbing, with futures pointed higher ahead of several economic reports. Specifically, the ADP employment report, productivity and labor costs, and weekly crude inventories are hitting the Street this morning. Meanwhile, a number of central bank officials will take the podium, including Fed Chair Janet Yellen -- who will speak with International Monetary Fund (IMF) Managing Director Christine Lagarde at an event in Washington. Meanwhile, on the commodities front, crude oil continues to rally above $60.

 

Continue reading for more on today's market, including:

 

• Schaeffer's Senior Quantitative Analyst Rocky White looks at what current optimism levels could mean for the S&P 500 Index (SPX).
• Apple Inc. (NASDAQ:AAPL) traders are counting on a short-term bounce, while skepticism continues to run rampant on BlackBerry Ltd (NASDAQ:BBRY).
• Among Tuesday's biggest percentage gainers were this fitness products stock and shares of this energy firm.

And now, on to the numbers…

Futures on the Dow Jones Industrial Average (DJIA) are nearly 89 points above fair value.

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 884,002 call contracts traded on Tuesday, compared to 657,404 put contracts. The resultant single-session equity put/call ratio jumped to 0.74, while the 21-day moving average edged up to 0.63.

Currencies and Commodities

• The U.S. dollar index is down 0.3% at 94.82.
  
• Crude oil has popped 2.4% to trade at $61.84 per barrel, building on Tuesday's gains.
• Gold has slipped 0.3% to $1,189.60 per ounce.

 

Earnings and Economic Data

 

Today, we'll see ADP's employment report, productivity and labor costs, and weekly crude inventories. Presenting earnings will be 3D Systems (DDD), Clovis Oncology (CLVS), Transocean (RIG), Activision Blizzard (ATVI), Anheuser-Busch InBev (BUD), Caesars Entertainment (CZR), Chesapeake Energy (CHK), Goodrich Petroleum (GDP), Keurig Green Mountain (GMCR), Marathon Oil (MRO), MetLife (MET), Motorola Solutions (MSI), Nu Skin Enterprises (NUS), SodaStream International (SODA), Tesla Motors (TSLA), TripAdvisor (TRIP), Vitamin Shoppe (VSI), Voya Financial (VOYA), Wendy's (WEN), and Whole Foods Market (WFM). To see what else is on this week's agenda, click here.

 

Overseas Trading

 

Stocks in Asia settled lower, following U.S. equities south. The Shanghai Composite spent time in positive territory following strong services sector data, before ultimately resolving 1.6% to the downside. Hong Kong's Hang Seng and South Korea's Kospi lost 0.4% and 1.3%, respectively. Meanwhile, Japan's Nikkei remained shuttered for holiday.

 

European bourses are higher around midday, amid a raft of better-than-expected earnings and encouraging purchasing managers index (PMI) data for the eurozone. At last check, London's FTSE 100 has tacked on 0.3%, the French CAC 40 is 0.6% higher, and the German DAX has jumped 1%.

 

 

Unusual Put and Call Activity

 

 

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